The Wolves fans voiced their frustration at both the manager and the board during the derby defeat at Molineux Stadium and owner Steve Morgan has reacted by bringing an end to McCarthy's five-and-a-half year reign.

A club statement read: "Wolves have today announced that manager Mick McCarthy has left the club with immediate effect.

"The board took the difficult decision to terminate Mick's contract after a run of form which has seen Wolves pick up only 14 points in the last 22 league games, after a promising start to the season, culminating in yesterday's 5-1 defeat at home to West Bromwich Albion.

"Terry Connor will take charge of team training in the interim until a new manager is appointed.

"The board would like to place on record their sincere thanks and appreciation to Mick McCarthy and he leaves with the very best wishes of everyone connected to the club.''

McCarthy cleared his office at the club on Monday and expressed his hope that
Wolves would stay up.

He said: ''I just want to thank everyone for what has been nearly six wonderful
years. I feel we've achieved a lot both for me personally and as a club.

''I've had a great working relationship with everybody at the club and would
like to thank all those who have contributed to the success that we've had, and
also to the fans who have supported me through thick and thin.

''I really feel it is a privilege to have managed such a great club and I've
had the best of times. I want to send my best wishes to everybody and also to the new guy that comes in. And to everyone - please stay up!''

With Wolves already out of the FA Cup, Monday's decision to axe McCarthy gives the club a fortnight to find a replacement before a trip to Newcastle on February 25.

The likes of Alan Curbishley - an early favourite with some bookmakers - Steve
Bruce and Neil Warnock will inevitably be linked as possible candidates.

Former West Ham and Charlton boss Curbishley has been out of management in
recent years but told Sky Sports News on Monday: "If I get the phone call then obviously I would talk to them [Wolves]."

Bruce and Warnock are available after parting company with
Sunderland and QPR this season.

Wolves began the current campaign with seven points from the opening three games but since then there has been a gradual slide.

Fans' anger towards McCarthy boiled over when Wolves trailed 2-0 at home to Swansea in October, although they recovered to draw the game 2-2.

There has been a simmering undercurrent of anger despite Wolves managing to stay out of the bottom three until the home setback by Aston Villa in mid-January.

The win at QPR ten days ago ended a run of 11 games without a win in all
competitions, but it was only a temporary reprieve before Wolves were put to the sword by West Brom and suffered a fourth successive home setback to seal McCarthy's fate.

McCarthy took charge of Wolves during the summer of 2006 and promised promotion to the top flight within three years which he delivered.

Wolves only clung onto their place in the Premier League at the end of last season thanks to Stephen Hunt's goal against Blackburn with three minutes to go on the final day.